Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,930/mo
Lowest payment- Down payment
- $35,316
- Funds due
- $45,141
- Interest + MI left
- $195,340
- First ends
- May 2052
New loan
New conventional
$2,310/mo
+$380/mo- Down payment
- $31,500
- Funds due
- $39,239
- Interest + MI left
- $429,947
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $279,684 | $283,500 |
| Second mortgage | — | — |
| First P&I | $1,422.47 | $1,962.90 |
| Second P&I | — | — |
| Mortgage insurance | $217.30 | $56.70 |
| Taxes, insurance & HOA | $290.59 | $290.59 |
| Total housing payment | $1,930.36 | $2,310.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,316
Closing costs & prepaids$9,826
Usable credit−$0
Total buyer cash needed$45,141
Earnest money paid−$0
Remaining funds due$45,141
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,150.00
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$251.75
Initial HOA (3 months)$170.01
Prepaid interest, first (1 days)$28.81
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing25 yr 6 moOf the original 30-year loan at 3.760%
Interest already paid$49,721Through Nov 2026
Assumption only · ends May 2052$195,340
New conventional · ends Dec 2056$429,947